Well, now we know why they dumped all that salary. http://www.sportsnetwork.com/default.asp?c.../acn3166285.htm <div class="quote_poster">Quote:</div><div class="quote_post"> Report: Suns to be sold Phoenix, AZ (Sports Network) - The Phoenix Suns are reportedly on the verge of being sold to a new investment group with a major announcement scheduled for Friday afternoon. According to the Arizona Republic, the Suns will be sold for more than $300 million by next week. The sale, though, has to be approved by the other NBA owners and will be voted upon during an investors' meeting on April 23. Jerry Colangelo, chairman, managing general partner and CEO of the Suns, would remain as head of the club but not as an owner after the sale. Colangelo owns almost 20 percent of the franchise and will address the media on Friday. In January, Colangelo hired Lehman Brothers to launch a plan for a proposed sale. Colangelo said in March he hoped to land a buyer that would purchase a minority share initially, with the right to buy the rest in several years. The 64-year-old Colangelo came to Phoenix as general manager of the expansion Suns in 1968. In 1987, he put together an investment group to buy the franchise for $44.5 million. Colangelo is also the chairman and chief executive officer of the Arizona Diamondbacks. If the ownership transfer goes through as expected, Colangelo would keep a similar role with the Suns. Phoenix finished its 2003-04 season with a dismal 29-53 record -- second-worst in the Western Conference. </div> Found from Google News
Sold for $401 Million - Robert Sarver, Steve Kerr, Bryan Colangelo lead the group that also includes Charles Barkley and Sean Elliott. From suns.com
the way it works is there will be a 6 person committee making the decisions. Sarver, Kerr, and one of their men (Sir Charles I hope). then the two Colangelps and one of their men. Tie breaker is Colangelo. Kerr will be advising BC on all basketball operations. Couldn't be better given the Colangelos still in control.
Whaaaaa!?!?!? I didn't realize Barkley or Elliot were involved, the news only made a big deal about Barkley and I haven't been able to watch much SportsCenter lately (or visit ESPN/NBA.com for that matter) -- well that's awesome that Barkley is involved in the Suns. I also like the fact Colangelo stays on, it's been his team for so long, and I like our current team, I'd hate to see the new owner dismantle it and get some of his own players in... Here's to hoping new owners can bring us a Championship in the near future
<div class="quote_poster">Quote:</div><div class="quote_post">But this one comes with a twist. If this young Suns team continues to develop and if the younger Colangelo adroitly adds to the mix, Steve Kerr may never step into the role as new general manager. In fact, Kerr may remain nothing more than Sarver's confidant, content to broadcast NBA games and spend time with his family. Conversely, if there are any derelict draft picks or disastrous contracts looming in the future, Kerr may replace Colangelo the moment the three-year window has expired. For the kid who has dealt with the suffocating shadows of a famous father for most of his adult life, it is truly time to sink or swim.</div> B. Colangelo gets chance to cast his own shadow
